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NYS PTET Election Due Date Extended to September 15, 2022

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The pass-through-entity tax (PTET) program election due date has been extended by New York State from March 15 to September 15 for 2022 only. This allows additional time for pass-through entities such as partnerships and S-corporations to elect into the Program for 2022 and allows them to pay NY tax on income that passes through the entity to its shareholders and partners at the entity level.

For pass-through entities that made a timely election in March, four quarterly estimated payments are required throughout 2022. Estimated tax payments are also required with the late election so there is an opportunity to time the election based on cash availability. If the late PTET election is made before June 15th an estimated payment constituting 25% of the required annual tax is required with the election. A late PTET election made before September 15th will require an estimated payment constituting 50% of the required annual tax. The late filed election will only be considered valid if the required estimated tax payment is made at the time of the election so be sure to calculate an estimate of the NY tax for 2022 and remit the appropriate payment with this election.

Contact EFPR Group for further information on pass-through entity tax in NY, or any other state. The materials contained herein are intended for educational and informational purposes only and do not constitute tax or legal advice. Readers are responsible for obtaining such advice from their own tax and legal counsel.

IRS Circular 230 disclosure: Any information contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction(s) or tax-related matter(s) that may be addressed herein.

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